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On November 8, 2016, Prime Minister Modi announced the decision to ban all currency notes of higher denomination of Rs 500 and Rs 1,000 from midnight. The move came in for criticism from several quarters, and the opposition claimed it had harmed the economy.

Prime Minister Narendra Modi on Sunday hailed his government’s demonetization move four years ago, claiming that it gave a boost to transparency. In a tweet on Sunday, Modi said that the move helped reduce black money, increase tax compliance and formalization, and gave a boost to transparency and that the outcomes have been beneficial for the country’s progress.

In designs going with the tweet, the Prime Minister called attention to that India had transformed into a lesser money-based economy with better duty consistency. He said self-appraisal expense of more than Rs 13,000 crore was paid by focused non-filers and 3.04 lac people who kept money of Rs 10 lacs or all the more yet had not recorded their personal assessment forms were distinguished. He likewise guaranteed that the demonetization improved India’s duty/GDP proportion.

On November 8, 2016, Prime Minister Modi declared the choice to boycott all money notes of the higher division of Rs 500 and Rs 1,000 from 12 PM. Long lines were seen outside ATMs for a few days from that point forward, as individuals attempted to get new banknotes close by. A large portion of the old notes available for use was stored with banks. The move came in for analysis from a few quarters, and the resistance asserted it had hurt the economy.

The Congress noticed the fourth commemoration of demonetization as “Vikshwasghaat Diwas” (selling out day) as it ran a web-based media crusade ‘SpeakUpAgainstDeMoDisaster’ and hammered the legislature asserting that it has ceaselessly changed the logical purposes behind completing the measure four years back. Demonetisation has “demolished” the economy, it added.

Congress general secretary Ajay Maken at a media preparation cited previous leader Manmohan Singh’s comments on November 24, 2016, to hit out at the legislature. “The manner in which this plan has been executed – is an amazing administration disappointment, and indeed, it is an instance of coordinated plunder, sanctioned loot of the everyday citizens,” Maken said.

Congress pioneer Rahul Gandhi affirmed that Prime Minister Modi’s move four years back was pointed toward helping a couple of his “associate industrialist companions” and had “decimated” the Indian economy. In a video delivered as a feature of the gathering’s on the web ‘SpeakUpAgainstDeMoDisaster’ crusade, Gandhi said the inquiry is the manner by which the economy of Bangladesh “outperformed” the Indian economy as in past India used to be one of the highest performing economies of the world.

“The administration says that the explanation is Covid yet on the off chance that that is the explanation, there is Covid in Bangladesh and somewhere else on the planet moreover. The explanation isn’t Covid, the explanation is ‘Notebandi’ and GST,” Gandhi said in Hindi.

P Chidambaram, Mallikarjun Kharge, Shashi Tharoor, and Salman Khurshid were among senior Congress pioneers who likewise pummeled the administration over demonetization as a component of their gathering’s on the web crusade.

“The principal exercise each ruler and each administration must learn are that – regardless of whether you don’t do great to the individuals, don’t do hurt. The BJP-drove NDA government did incredible mischief to India’s economy on November eighth, 2016,” Chidambaram, a previous Union money serve, said.